MON

[peterwd]

Hi traders, I think this stock is about to have a bounce. It's been beaten for the past months. Of course the market needs to cooperate.

[greygoose]

Looking at the chart, it is possible the 53 to be seen as it has taken the neckline password@bontrade 70 down from the H 87 = 17, hence a 100% minimum move for the wave 3 down falls password@bontrade 53. Extension of 1.272 (21.6) roughly falls in password@bontrade 48.40 area.Current price would qualify if Divergence was present. Further extension of 1.414 (24) password@bontrade 46.90, below would be the stop as the 1.618 comes in password@bontrade 42.50, giving the highest probability turn. If the price had touched the 1.414 level on a 'fake' (w Divergence)and mounted back inside the channel > the 1.272 mark would provide an even great probability but hey who said trading is safe...
either way a corrective wave is immanent if only to fill the gap for a wave 4, still providing another leg down after.
30m has a 4th test of the lower trendline, given the LH's preceeding that it remains bearish as a break of that would be a nice move IMO.

[peterwd]

Thanks greygoose for your insights!!